• Editor’s note: Livestream above courtesy DStv 403. You can also watch it on DStv Now. Please note, proceedings may adjourn from time to time – this stream will resume once they commence. 

CAPE TOWN – Disgraced global retail group Steinhoff is appearing before Parliament on Wednesday.

MPs want details on accounting irregularities in Steinhoff’s financial statements.

FSB has registered two possible cases of insider trading. #Steinhoff

— Aarti Narsee (@ajnarsee) January 31, 2018

FSb says that possible penalty for #Steinhoff is not set, could be higher than R100 million.

— Aarti Narsee (@ajnarsee) January 31, 2018

FSB has over the last ten years handed out penalties of R100 million, quicker than the Criminal Justice System #Steinhoff

— Aarti Narsee (@ajnarsee) January 31, 2018

SARB is investigating whether any exchange control laws or regulations have been breached #Steinhoff

— Aarti Narsee (@ajnarsee) January 31, 2018

Steinhoff’s acting chairwoman Heather Sonn said the company reported former CEO Markus Jooste to the Hawks.

The Financial Services Board (FSB) said it is investigating two cases of possible insider trading and one of false or misleading statements relating to Steinhoff.

The FSB has requested information from German authorities, including the Frankfurt Stock Exchange, and is in regular contact with the Johannesburg Stock Exchange, it added.

READ: Steinhoff again postpones publishing audited financials

The Government Employees Pension Fund (GEPF) said its shareholding in Steinhoff depreciated from R24.1-billion on 30 November 2017 to R1.8-billion by 31 December 2017.

The giant retailer asked PwC to investigate those irregularities, and postponed the release of its financial results.

Its share price plummeted last month following the debacle.

– Additional reporting Reuters

Tweets about #Steinhoff AND(FROM:@ajnarsee since:2018-01-31 until:2018-02-01)

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